Bosphorus Strait reopens as Turkey rushes to reassure investors

Turkish coupTurkish maritime authorities have reopened Istanbul’s Bosphorus Strait to transiting tankers after shutting it for several hours yesterday after the failed coup by sections of the country’s armed forces, as the government in Ankara moved to reassure investors that the economy would not be derailed by a failed coup d’état.
Turkey's Deputy Prime Minister Mehmet SimsekThe central bank said that it would offer unlimited liquidity to banks, while deputy prime minister Mehmet Simsek insisted that the government was in charge and there was no need to worry.“Our country is returning quickly to normal after this putsch attempt rebuffed by our nation,” he tweeted. “Our country’s macroeconomic fundamentals remain solid. We are taking all the necessary measures.”
 Chaotic scenes of rebel soldiers taking to the streets of Istanbul and Ankara on Friday caused the lira to plummet 5%, its biggest fall since 2008. “It is a very serious confidence shock but it also depends on how permanent the depreciation in the currency will prove,” said Murat Ucer, economist at Global Source Partners, a consultancy.
Bosphorus shipping channelsAbout 48,000 vessels transit the straits each year, making it one of the world’s busiest maritime chokepoints, with over 13% of global supply – mainly from Russia and the Caspian Sea – passing through the 17-mile waterway that connects the Black Sea to the Mediterranean. It also ships vast amounts of grains from Russia and Kazakhstan to world markets.